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  • Sidewalks To No-Where May Be Going Somewhere!

    sheltoncityA city code requiring sidewalks (infill) for new construction or substantial remodels (50% improvement to existing building value) of a structure anywhere in the city was addressed by Public Works Director Greg Clark and Engineer Mike Michal. The team presented their ideas on how to… Read More +

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  • ARC Getting Closer To Launch

    arc
    The Thurston County Accountability and Restitution Center (ARC) may open by summer. The facility was completed in 2010, but need for staffing changes and budget shortfalls prevented the county from opening the ARC. Sheriff Snaza and the commission have been working through a Read More +

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  • Mariners Sign Veteran Outfielders

    mariners logo5Seattle Mariners Executive Vice President & General Manager of Baseball Operations Jack Zduriencik announced today the club signed veteran outfielders Endy Chavez and Franklin Gutierrez to minor league contracts with invitations to Major League Spring Training.

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Bad Fit? Men's Wearhouse Rejects Jos. A. Bank's Offer

b_250_0_16777215_00_images_obgrabber_2013-10_647e8d3654.jpgJustin Sullivan/Getty Images (NEW YORK) -- Would a combined Men's Wearhouse and Jos. A. Bank make for a good fit?On Tuesday, when the latter confirmed it had offered to buy the former, the question hung briefly in the air. In a letter dated Sept. 18 but released on Wednesday, Robert Wildrick, chairman of Jos. A. Bank, told Men's Wearhouse CEO Douglas Ewert he was offering to buy all outstanding shares of Men's Wearhouse for $48 cash per share, or $2.38 billion in total, saying that he thought the two would make "ideal partners."

"The strategic wisdom of this transaction is compelling," declared Wildrick.  "By combining our two companies, we can together create the best men's apparel and sportswear designer, manufacturer and retailer in the U.S."

The combined companies, he said, would capture "operating synergies."

On Wednesday, however, Men's Wearhouse gave Jos. A. Bank the brush-off.  It rejected the offer as too little, saying in a statement that the deal significantly undervalued Men's Wearhouse's prospects.

Ewert said in the Men's Wearhouse statement that he and his board were confident that their recent actions, including their acquisition of boutique brand Joseph Abboud, had left the company well-positioned.

Howard Davidowitz, chairman of New York-based Davidowitz & Associates, a national retail consulting and investment banking firm, has been watching retail acquisitions succeed or fail for 40 years.  He shrugged off Men's Wearhouse's rejection as preliminary and pro forma.

"It's the job of the board to maximize price," he said.

He expected negotiations to continue, with Men's Wearhouse jockeying to get more money.

Copyright 2013 ABC News Radio

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